Here are the India Business News Headlines 16th Oct 2017:
- Flipkart is in talks to buy a large minority stake in BookMyShow. It wants to invest fresh capital as well as buy shares from some of its investors into BookMyShow. BookMyShow may be valued at $500-700 million if the proposed deal goes through.
- Reliance Industries has sold all its conventional oil and gas exploration blocks outside India. During the July-September quarter, Reliance pulled out of the last two oil blocks it held in Myanmar.
- Tata Group is preparing to bid aggressively for the Taj Mansingh hotel. NDMC is planning to fix the terms of reference and date of auction, which is to be announced soon.
- Sanjiv Goenka group looks at FMCG buys. Spencer’s private label to become part of portfolio, with possible rebranding, Launched this April, the business is expected to have a turnover of around Rs.500 Crore by the end of this year.
- Online travel firms such as MakeMyTrip, Yatra and Cleartrip are trying to lure customers by offering various freebies like gift cards, free hotel nights and discounts on tickets. The companies are betting on the trend of people preferring to travel during the festivities.
- Demand for gold jewellery, considered to be the primary source of value in rural area, fell by 30% due to untimely rains, GST among other factors.
- Not only customers, but offline stores now also buy from online marketplaces offering festive discounts and resell them at the market price offline. As per a report, offline contributes over 20% of total online sales of smartphones and FMCG.
- Amicus Capital, the investment fund has invested Rs.60Crore in RenewBuy, an online insurance aggregator. The company had earlier raised $2.5 million.
*News as published in Business Standard, Live Mint and Economic Times.